Australian phosphate developer Minbos Resources has executed a non-binding term sheet with Petril Phosphate’s shareholders to acquire full outstanding shares in the latter for approximately A$20m ($14.9m).

Minbos and Petrol Phosphate have equal partnership in the Cabinda Phosphate Project located in Angola, while the transaction will give Minbos the ownership to Petril Phosphate’s two more phosphate properties Lucunga and Pedra de Feitico, both located in Angola.

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UK-based Rare Earth Minerals has reached an agreement with Auroch Minerals to acquire 7.7% stake in the latter by subscribing to buy 6.5 million new shares in the latter for A$65,000, representing a price of a price of A$0.10 per share.

Auroch Minerals will invest the proceeds from the stake sale to advance its exploration and development programme in Namibia.

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